A 2019 Economic Times report reveals that Easy EMI options grew by a whopping 1000% in Tier III cities over a one-year time period, thus proving the popularity and convenience offered by this type of financing. By paying through EMIs, you split up your purchase over a long tenor, thereby making it easier for you to manage your monthly budget. Today, retailers and e-commerce platforms offer you two types of Easy EMIs: regular and No Cost EMI.

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You know how regular Easy EMI works. You make a down payment, your financier pays the remainder, and you repay the loan over the tenor at the agreed interest rate. But, what does No Cost EMI mean? You may notice that when you shop via certain retailers online, you get the option to pick a No Cost EMI facility plan offered by Bajaj Finserv. This kind of financing is also available on products sold on the Bajaj Finserv EMI Network and accessible via the EMI Network Card. The journey to understanding the difference between regular and No Cost EMI plans and evaluating your benefits starts with knowing how No Cost EMI works.

Read on to know more about No Cost EMI.

What is No Cost EMI?

No Cost EMI is a type of Easy EMI in which you pay nothing over the agreed purchase price. The purchase price is then divided by the length of the tenor to calculate your EMIs. Some financiers offer the interest component applicable as a discount upfront. Others may offer a deal inclusive of certain discounts and processing charges. However, you aren’t charged anything above the purchase price with No Cost EMI, meaning that you incur no additional EMI charges on a monthly basis. No Cost EMI is sometimes referred to as zero cost EMI financing.

How does No Cost EMI work?

Consider that you are buying a television on No Cost EMI. The amount you pay post discounts and processing charges is Rs. 1 lakh. Assume that your tenor is 12 months. Here, your EMIs amount to Rs. 1,00,000/12 = Rs. 8,333.33 per month. Having seen what is zero cost EMI facility and how it works, learn how to avail it.

How to get No Cost EMI financing

To avail No Cost EMI financing, you need to have a debit/credit card that offers you this facility or a special No Cost EMI Card like Bajaj Finserv’s EMI Network card. Simply use your EMI card at a partner seller store online or offline and enjoy a No Cost EMI deal. This card can be used at over 60,000 partner stores across 1,300+ cities in India. This card is arguably one of the best No Cost EMI cards to possess, as it gives you access to over 1 million products through the EMI Network. Further, you need not settle for less with, as the EMI Network card offers you a No Cost EMI loan of up to Rs. 4 lakh.

Now that you know what is a No Cost EMI offer and where to get one, make smarter purchases when you shop next. Check your pre-approved offer from Bajaj Finserv to get access to Easy EMI deals quickly. Doing so gives you instant approval through a customised deal!

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Terms and Conditions

By checking the 'Submit' button below and by entering the one-time password (“OTP”) sent by Bajaj Finance Limited (“BFL”), I hereby agrees and acknowledges that I

Am 18 years of age,

Can understand, read and write in the English language,

Have read and understood the terms and conditions contained below (“Terms”).

I agree that my action of entering the OTP sent by BFL and clicking the “Submit” button, constitutes a valid acceptance by me of the Terms contained herein and creates a binding and enforceable agreement between me and BFL.

I declare that all the particulars and information provided by me are true, correct, complete and up-to-date in all respects and that I have not withheld any information whatsoever.

I confirm that I have/had no insolvency proceedings against me nor have I ever been adjudicated insolvent by any court or other authority and I further confirm that I have read the information on various loan products made available by BFL on www.bajajfinserv.in/finance

I authorize BFL to exchange, share all information and details as provided by me and in relation to my existing loans and/or repayment history to any third party including but not limited to its group companies, service providers, banks, financial institutions, credit bureaus, telecommunication companies, statutory bodies, business partners etc. for customer verification, personalization of products or services, credit rating, data enrichment, marketing or promotion of BFL services or related products or that of its associates/business partners and affiliates or for enforcement of your obligations and I shall not hold BFL (or any of its group companies or its/their agents/representatives/ business partners) liable for the use/sharing of the information as stated above.

I agree and affirm that BFL may contact me and communicate with me over telephonic calls, or SMS on the mobile number mentioned herein, or through any other communication mode (“Communication Modes”) to verify the details provided by me . Further, I confirm that I would like to know through the above mentioned Communication Modes various BFL loan offer schemes or loan promotional schemes or any other promotional schemes relating to various products/services offered by BFL/its group companies/business partners from time to time and hereby authorize BFL, its group companies, employees, agents, associates, business partners to contact me from time to time for the same.

I hereby expressly consent and authorise BFL/ its representatives/agents/ its business partners/its group companies/affiliates to send me any communication regarding products/services offered by them using various communication channels, such as, telephone, calls/SMS/bitly/bots/emails/post etc.

I undertake to keep BFL updated of any change in the information provided by me.

I understand and acknowledge that Bajaj Finance shall have the absolute discretion, without assigning any reason to reject my loan application and that Bajaj Finance shall not be responsible/liable in any manner whatsoever for such rejection.

I further understand and agree that pursuant to this application form, I will be required to submit documents to the satisfaction of Bajaj Finance and accept the loan terms and conditions for availing the loan granted to me by Bajaj Finance from time to time.

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Terms and Conditions

By checking the 'Submit' button below and by entering the one-time password (“OTP”) sent by Bajaj Finance Limited (“BFL”), I hereby agrees and acknowledges that I

Am 18 years of age,

Can understand, read and write in the English language,

Have read and understood the terms and conditions contained below (“Terms”).

I agree that my action of entering the OTP sent by BFL and clicking the “Submit” button, constitutes a valid acceptance by me of the Terms contained herein and creates a binding and enforceable agreement between me and BFL.

I declare that all the particulars and information provided by me are true, correct, complete and up-to-date in all respects and that I have not withheld any information whatsoever.

I confirm that I have/had no insolvency proceedings against me nor have I ever been adjudicated insolvent by any court or other authority and I further confirm that I have read the information on various loan products made available by BFL on www.bajajfinserv.in/finance

I authorize BFL to exchange, share all information and details as provided by me and in relation to my existing loans and/or repayment history to any third party including but not limited to its group companies, service providers, banks, financial institutions, credit bureaus, telecommunication companies, statutory bodies, business partners etc. for customer verification, personalization of products or services, credit rating, data enrichment, marketing or promotion of BFL services or related products or that of its associates/business partners and affiliates or for enforcement of your obligations and I shall not hold BFL (or any of its group companies or its/their agents/representatives/ business partners) liable for the use/sharing of the information as stated above.

I agree and affirm that BFL may contact me and communicate with me over telephonic calls, or SMS on the mobile number mentioned herein, or through any other communication mode (“Communication Modes”) to verify the details provided by me . Further, I confirm that I would like to know through the above mentioned Communication Modes various BFL loan offer schemes or loan promotional schemes or any other promotional schemes relating to various products/services offered by BFL/its group companies/business partners from time to time and hereby authorize BFL, its group companies, employees, agents, associates, business partners to contact me from time to time for the same.

I hereby expressly consent and authorise BFL/ its representatives/agents/ its business partners/its group companies/affiliates to send me any communication regarding products/services offered by them using various communication channels, such as, telephone, calls/SMS/bitly/bots/emails/post etc.

I undertake to keep BFL updated of any change in the information provided by me.

I understand and acknowledge that Bajaj Finance shall have the absolute discretion, without assigning any reason to reject my loan application and that Bajaj Finance shall not be responsible/liable in any manner whatsoever for such rejection.

I further understand and agree that pursuant to this application form, I will be required to submit documents to the satisfaction of Bajaj Finance and accept the loan terms and conditions for availing the loan granted to me by Bajaj Finance from time to time.